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EX-99.1 2 dnbf-20170424xex99_1.htm EX-99.1 Form 8-k Press Release 041717

DNB Financial Corporation



DNB_Financial-4c_rev





For further information, please contact:

Gerald F. Sopp CFO/Executive Vice-President

484.359.3138FOR IMMEDIATE RELEASE 

gsopp@dnbfirst.com (NasdaqCM: DNBF)

DNB Financial Corporation Reports First Quarter 2017 Results

Downingtown PA., April 24, 2017 (GLOBENEWSIRE)– DNB Financial Corporation (Nasdaq: DNBF), today reported net income in accordance with generally accepted accounting principles (“GAAP”) of $2.4 million, or $0.57 per diluted share, for the quarter ending March 31, 2017, compared with $1.6 million, or $0.54 per diluted share, for the same quarter, last year. 

DNB Financial Corporation (the “Company” or “DNB”) is the parent of DNB First, National Association, one of the first nationally-chartered community banks to serve the greater Philadelphia region.  On October 1, 2016, the Company completed its acquisition of Philadelphia-based East River Bank ("East River") and its results of operations are included in the consolidated results for the quarters ended December 31, 2016 and March 31, 2017, but are not included in the results of operations for the corresponding prior year periods. 

On a core basis, the Company reported net income of $1.9 million, or $0.45 per diluted share, for the quarter ending March 31, 2017, compared with $1.1 million, or $0.40 per diluted share, for the corresponding prior year quarter.  Core earnings, which is a non-GAAP measure of net income, excludes gains from insurance proceeds of $80,000, purchase accounting adjustments (accretion) of $661,000, merger-related expenses of $51,000, amortization of intangible assets of $23,000, and an associated income tax adjustment of $168,000 for the three months ending March 31, 2017.  Please see the Reconciliation of Non-GAAP Financial Measures on page 6 of the release.  Non-GAAP financial measures include references to the terms “core” or “operating”.

William J. Hieb, President and CEO, commented, the Company delivered another quarter of solid earnings, despite the industry-wide challenge of growing loans.”  Mr. Hieb added; “the investment in deposit gathering capabilities has supported our strategy of funding prudent loan growth with high quality core deposits.  We are particularly pleased with our continued strong credit quality and solid growth of our wealth management business.” 

1


 

Highlights

·

On a sequential quarter basis, total core deposits grew $31.7 million, or 4.7% (not annualized), and were 77% of total deposits as of March 31, 2017.

·

The net interest margin increased to 3.67% for the quarter ending March 31, 2017, compared with 3.63% for the quarter ending December 31, 2016, and 3.15% for the quarter ending March 31, 2016.  The year-over-year improvement was primarily due to the acquisition of East River.

·

Asset quality remained strong.  Net loan charge-offs were only 0.14% (annualized) of total average loans for the first quarter of 2017, and non-performing loans were 0.94% of total loans at March 31, 2017.

·

Wealth management assets under care increased 4.8% (not annualized) to $224.5 million as of March 31, 2017 from $214.2 million as of December 31, 2016.

·

The Company paid a quarterly cash dividend of $0.07 per share on March 20, 2017.

Income Statement Summary

Based on core earnings of $1.9 million, the Company’s performance for the quarter ending March 31, 2017 generated a return on average assets (“ROAA”) and return on average tangible common equity (“ROTCE”) of 0.74% and 9.82%, respectively.  The core ROAA and ROTCE were 0.61% and 8.01%, respectively, for the same quarter last year.  Please see the “Reconciliation of Non-GAAP Financial Measures” on page 6 of the release.

Total net interest income for the three months ending March 31, 2017 was $9.2 million, which represented a $179,000 decrease from the quarter ending December 31, 2016, and a $3.8 million increase from the three months ending March 31, 2016.  The year-over-year increase was primarily due to a 68.7% rise in total average loans and 52 basis point increase in the net interest margin to 3.67% for the quarter ending March 31, 2017.  The main driver for the increase in both volume and rate was the East River acquisition.  For the first quarter of 2017, the weighted average yield on total interest-earning assets was 4.16%, which included purchase accounting adjustments.  On a core basis, which excludes the purchase accounting fair value marks, the core net interest margin was 3.38%. 

Total interest expense was $1.3 million for the three months ending March 31, 2017, compared with $1.2 million for the fourth quarter of 2016, and $650,000 for the first quarter of 2016.  The year-over-year increase was primarily due to a higher amount of interest-bearing liabilities, largely due to the East River acquisition.

The provision for credit losses was $325,000 for the most recent quarter compared with $100,000 for the three months ended December 31, 2016 and $330,000 for the first quarter of 2016.  As of March 31, 2017, the allowance for credit losses was $5.4 million and represented 0.67% of total loans.  Loans acquired in connection with the purchase of East River have been recorded at fair value based on an initial estimate of expected cash flows, including a reduction for estimated credit losses, and without carryover of the respective portfolio's historical allowance for credit losses.  At March 31, 2017, the allowance for credit losses as a percentage of originated loans, which represents all loans other than those acquired, was 1.04%.

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Total non-interest income for the first quarter of 2017 was $1.3 million, compared with $2.3 million for the same quarter, last year.  Total non-interest income for the first quarter of 2016, included a $1.15 million gain from the insurance proceeds associated with a fire at one of the Bank’s locations.  On a core basis, non-interest income was approximately 12.9% of total revenue for the quarter ending March 31, 2017.  There were no gains from the sale of securities realized in the first quarter of 2017. Wealth management fees were $374,000 for the first quarter of 2017, compared with $397,000 for the first quarter of 2016.  Wealth management fees represented 29% of total fee income. 

Non-interest expense was $6.7 million for the first quarter of 2017, compared with $7.3 million for the fourth quarter of 2016, and $5.4 million for the quarter ending March 31, 2016.  Non-interest expense for the quarter ending March 31, 2017 included merger-related costs of $51,000 and $23,000 amortization expense.  Compared with the first quarter of 2016, increases were largely due to addition of East River staff, offices and equipment as well as the aforementioned merger and amortization expense.

Balance Sheet Summary

As of March 31, 2017, total assets were $1.1 billion.  On a sequential quarter basis, total assets increased 1.8% (not annualized) as a $22.0 million increase in cash and cash equivalents was partially offset by a $3.8 million decrease in investment securities and a $1.2 million decline in total loans.  Total deposits increased $20.6 million, or 2.3% (not annualized), on a sequential quarter basis primarily due to growth in core deposits, partially offset by a planned decrease in time deposits.  As of March 31, 2017, total shareholders’ equity was $97.3 million, compared with $94.8 million as of December 31, 2016.  Tangible book value per share was $19.11 as of March 31, 2017, compared with $18.56 as of December 31, 2016.

On a sequential quarter basis, total loans decreased $1.2 million, or 0.1% (not annualized), to $816.4 million as of March 31, 2017.  As of the same date, total loans were 74.9% of total assets.  Total average loans, however, were flat on a sequential quarter basis as period-end balances were affected by loan payoffs in the latter part of the quarter.  Loan originations have been prudent and conservative underwriting standards have been maintained. The Company remains challenged to grow commercial-oriented loans in a competitive market characterized by cautious borrower demand.

On a sequential quarter basis, total core deposits grew $31.7 million, or 4.7% (not annualized), and were 77.3% of total deposits as of March 31, 2017.  As of the same date, noninterest-bearing deposits – which increased slightly in the first quarter – were 19.5% of total deposits.  Core deposit growth in the first quarter of 2017 was primarily attributable to an increase in money market accounts.  As of March 31, 2017, the loan-to-deposit ratio was 90.1%.

Capital ratios continue to exceed regulatory standards for well capitalized institutions.  At March 31, 2017, the tier 1 leverage ratio was 8.75%, the tier 1 risk-based capital was 10.75%, the common equity tier 1 risk-based capital ratio was 9.71% and the total risk based capital ratio was 12.56%. As of the same date, the tangible common equity-to-tangible assets ratio was 7.57%.  Intangible assets were $16.2 million as of March 31, 2017. 



3


 

Asset Quality Summary

Asset quality remained solid as net charge-offs were only 0.14% of total average loans for the quarter ending March 31, 2017, compared with 0.01% for the quarter ending December 31, 2016, and 0.08% for the quarter ending March 31, 2016.  Total non-performing assets, including loans and other real estate property, were $12.7 million as of March 31, 2017, compared with $12.1 million as of December 31, 2016.  The ratio of non-performing loans to total loans was 0.94% as of March 31, 2017, versus 1.14% as of December 31, 2016.   

Interest Rate Risk Management

DNB's strategy has been to seek shorter duration over yield in its lending and investing activities and lengthen duration over rate in its financing activities to minimize interest rate risk.  The Company also strives to offer products and services that develop strong relationships to retain core deposits. The Bank has an Asset Liability Management Committee that actively monitors and manages the bank's interest rate exposure using simulation models and gap analysis. The Committee's primary objective is to minimize the adverse impact of changes in interest rates on net interest income, while maximizing earnings. Simulation model results show moderate liability sensitivity to rising rates in 100, 200, 300 and 400 basis point shock scenarios. Rate changes ramped in over 24 months also show moderate liability sensitivity.

General Information



DNB Financial Corporation is a bank holding company whose bank subsidiary, DNB First, National Association, is a community bank headquartered in Downingtown, Pennsylvania with 15 locations. DNB First, which was founded in 1860, provides a broad array of consumer and business banking products, and offers brokerage and insurance services through DNB Investments & Insurance, and investment management services through DNB Investment Management & Trust. DNB Financial Corporation's shares are traded on NASDAQ’s Capital Market under the symbol: DNBF. We invite our customers and shareholders to visit our website at https://www.dnbfirst.com. DNB's Investor Relations site can be found at http://investors.dnbfirst.com/.



Forward-Looking Statements



This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations or predictions of future financial or business performance, conditions relating to DNB and East River Bank (“East River”) or other effects of the merger of DNB and East River. These forward-looking statements include statements with respect to DNB’s beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risks and uncertainties, and are subject to change based on various factors (some of which are beyond DNB’s control). The words "may," "could," "should," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar expressions are intended to identify forward-looking statements.



In addition to factors previously disclosed in the reports filed by DNB with the Securities and Exchange Commission (the “SEC”) and those identified elsewhere in this document, the following factors, among others, could cause actual results to differ materially from forward looking

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statements or historical performance: difficulties and delays in integrating the East River business or fully realizing anticipated cost savings and other benefits of the merger; business disruptions following the merger; the strength of the United States economy in general and the strength of the local economies in which DNB conducts its operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the downgrade, and any future downgrades, in the credit rating of the U.S. Government and federal agencies; inflation, interest rate, market and monetary fluctuations; the timely development of and acceptance of new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services; the willingness of users to substitute competitors’ products and services for DNB’s products and services; the success of DNB in gaining regulatory approval of its products and services, when required; the impact of changes in laws and regulations applicable to financial institutions (including laws concerning taxes, banking, securities and insurance); technological changes; additional acquisitions; changes in consumer spending and saving habits; the nature, extent, and timing of governmental actions and reforms; and the success of DNB at managing the risks involved in the foregoing. Annualized, pro forma, projected and estimated numbers presented herein are presented for illustrative purpose only, are not forecasts and may not reflect actual results.



DNB cautions that the foregoing list of important factors is not exclusive. Readers are also cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date of this press release, even if subsequently made available by DNB on its website or otherwise. DNB does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of DNB to reflect events or circumstances occurring after the date of this press release.



For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the SEC, including our most recent annual report on Form 10-K, as supplemented by our quarterly or other reports subsequently filed with the SEC.





FINANCIAL TABLES FOLLOW







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DNB Financial Corporation

Condensed Consolidated Statements of Income (Unaudited)

(Dollars in thousands, except per share data)



 

 

 

 

 

 



Three Months Ended

 



March 31,

 



 

2017

 

 

2016

 

 EARNINGS:

 

 

 

 

 

 

 Interest income

$

10,494 

 

$

6,105 

 

 Interest expense

 

1,262 

 

 

650 

 

 Net interest income

 

9,232 

 

 

5,455 

 

 Provision for credit losses

 

325 

 

 

330 

 

 Non-interest income

 

1,226 

 

 

1,109 

 

 Gain from insurance proceeds

 

80 

 

 

1,150 

 

 Gain on sale of investment securities

 

 -

 

 

31 

 

 Gain (loss) on sale of SBA loans

 

 -

 

 

39 

 

 Gain on sale / write-down of OREO and ORA

 

(1)

 

 

 -

 

 Due diligence & merger expense

 

51 

 

 

188 

 

 Non-interest expense

 

6,695 

 

 

5,230 

 

 Income before income taxes

 

3,468 

 

 

2,036 

 

 Income tax expense

 

1,027 

 

 

480 

 

 Net income

$

2,441 

 

$

1,556 

 

 Net income per common share, diluted

$

0.57 

 

$

0.54 

 



 

 

 

 

 

 

Reconciliation of Non-GAAP Financial Measures (Unaudited)

(Dollars in thousands, except per share data)



 

 

 

 

 

 



Three Months Ended

 

   

March 31,

 

   

 

2017

 

 

2016

 

   

 

 

 

 

 

 

 GAAP net income

$

2,441 

 

$

1,556 

 

 Net gains on sale of securities*

 

 -

 

 

(31)

 

 Gains from insurance proceeds

 

(80)

 

 

(1,150)

 

 Salary expense related to restricted stock and SERP

 

 -

 

 

446 

 

 Due diligence & merger expense

 

51 

 

 

188 

 

 Accretion of purchase accounting fair value marks

 

(661)

 

 

 -

 

 Amortization of Intangible Assets

 

23 

 

 

 -

 

 Income tax adjustment

 

168 

 

 

129 

 

 Non-GAAP net income (Core earnings)

$

1,942 

 

$

1,138 

 



 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

Basic

$

0.46 

 

$

0.40 

 

Diluted

$

0.45 

 

$

0.40 

 



 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

Basic

 

4,247 

 

 

2,833 

 

Diluted

 

4,274 

 

 

2,869 

 



 

 

 

 

 

 

*Starting with the quarter ended December 31, 2016, DNB excluded net gains on the sale of securities from core earnings.  The first quarter of 2016 has been restated for comparative purposes.

 



6


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

DNB Financial Corporation

Selected Financial Data (Unaudited)

(Dollars in thousands, except per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Quarterly



2017

 

2016

 

2016

 

2016

 

2016



1st Qtr

 

4th Qtr

 

3rd Qtr

 

2nd Qtr

 

1st Qtr

Earnings and Per Share Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net income

$

2,441 

 

$

2,313 

 

$

 

$

1,109 

 

$

1,556 

 Basic earnings per common share

$

0.57 

 

$

0.55 

 

$

0.00 

 

$

0.39 

 

$

0.55 

 Diluted earnings per common share

$

0.57 

 

$

0.55 

 

$

0.00 

 

$

0.39 

 

$

0.54 

 Core diluted earnings per common share (non-GAAP)

$

0.45 

 

$

0.48 

 

$

0.42 

 

$

0.47 

 

$

0.40 

 Dividends per common share

$

0.07 

 

$

0.07 

 

$

0.07 

 

$

0.07 

 

$

0.07 

 Book value per common share

$

22.88 

 

$

22.36 

 

$

20.76 

 

$

20.90 

 

$

20.45 

 Tangible book value per common share

$

19.11 

 

$

18.56 

 

$

20.73 

 

$

20.88 

 

$

20.38 

 Average common shares outstanding

 

4,247 

 

 

4,203 

 

 

2,853 

 

 

2,849 

 

 

2,833 

 Average diluted common shares outstanding

 

4,274 

 

 

4,230 

 

 

2,886 

 

 

2,883 

 

 

2,869 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Return on average assets

 

0.92% 

 

 

0.84% 

 

 

0.00% 

 

 

0.59% 

 

 

0.84% 

 Core return on average assets (non-GAAP)

 

0.74% 

 

 

0.74% 

 

 

0.63% 

 

 

0.71% 

 

 

0.61% 

 Return on average equity

 

10.28% 

 

 

9.78% 

 

 

0.01% 

 

 

7.56% 

 

 

10.94% 

 Core return on average equity (non-GAAP)

 

8.18% 

 

 

8.56% 

 

 

8.23% 

 

 

8.54% 

 

 

7.98% 

 Return on average tangible equity

 

12.34% 

 

 

12.04% 

 

 

0.01% 

 

 

7.57% 

 

 

10.98% 

 Core return on average tangible equity (non-GAAP)

 

9.82% 

 

 

10.34% 

 

 

8.75% 

 

 

9.17% 

 

 

8.01% 

 Net interest margin

 

3.67% 

 

 

3.63% 

 

 

3.06% 

 

 

3.08% 

 

 

3.15% 

 Core net interest margin (non-GAAP)

 

3.38% 

 

 

3.33% 

 

 

3.06% 

 

 

3.08% 

 

 

3.15% 

 Efficiency ratio

 

63.14% 

 

 

62.47% 

 

 

94.43% 

 

 

74.38% 

 

 

78.66% 

 Core efficiency ratio (non-GAAP)

 

67.59% 

 

 

64.41% 

 

 

72.73% 

 

 

70.39% 

 

 

72.33% 

 Wtd average yield on earning assets

 

4.16% 

 

 

4.10% 

 

 

3.47% 

 

 

3.46% 

 

 

3.51% 

 Core wtd average yield on earning assets (non-GAAP)

 

3.99% 

 

 

3.91% 

 

 

3.47% 

 

 

3.46% 

 

 

3.51% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net charge-offs to average loans

 

0.14% 

 

 

0.01% 

 

 

0.03% 

 

 

0.10% 

 

 

0.08% 

 Non-performing loans/Total loans

 

0.94% 

 

 

1.14% 

 

 

1.36% 

 

 

1.54% 

 

 

1.06% 

 Non-performing assets/Total assets

 

1.16% 

 

 

1.13% 

 

 

1.28% 

 

 

1.38% 

 

 

1.02% 

 Allowance for credit loss/Total loans

 

0.66% 

 

 

0.66% 

 

 

1.04% 

 

 

1.06% 

 

 

1.06% 

 Allowance for credit loss/Non-performing loans

 

70.56% 

 

 

57.74% 

 

 

76.28% 

 

 

69.12% 

 

 

99.64% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total equity/Total assets

 

8.93% 

 

 

8.86% 

 

 

7.69% 

 

 

7.79% 

 

 

7.64% 

 Tangible equity/Tangible assets

 

7.57% 

 

 

7.46% 

 

 

7.68% 

 

 

7.78% 

 

 

7.61% 

 Tier 1 leverage ratio

 

8.75% 

 

 

8.42% 

 

 

9.06% 

 

 

9.11% 

 

 

9.16% 

 Common equity tier 1 risk-based capital ratio

 

9.71% 

 

 

9.59% 

 

 

10.50% 

 

 

10.82% 

 

 

10.71% 

 Tier 1 risk based capital ratio

 

10.75% 

 

 

10.65% 

 

 

12.06% 

 

 

12.43% 

 

 

12.34% 

 Total risk based capital ratio

 

12.56% 

 

 

12.48% 

 

 

14.72% 

 

 

15.16% 

 

 

15.07% 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth Management Assets under care*

$

224,490 

 

$

214,170 

 

$

210,800 

 

$

200,586 

 

$

199,296 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Wealth Management assets under care includes assets under management, administration, supervision and brokerage.



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DNB Financial Corporation

 

Condensed Consolidated Statements of Income (Unaudited)

 

(Dollars in thousands, except per share data)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended

 



Mar 31,

 

Dec 31,

 

Sept 30,

 

June 30,

 

Mar 31,

 



2017

 

2016

 

2016

 

2016

 

2016

 

 EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Interest income

$

10,494 

 

$

10,617 

 

$

6,277 

 

$

6,180 

 

$

6,105 

 

 Interest expense

 

1,262 

 

 

1,206 

 

 

760 

 

 

708 

 

 

650 

 

 Net interest income

 

9,232 

 

 

9,411 

 

 

5,517 

 

 

5,472 

 

 

5,455 

 

 Provision for credit losses

 

325 

 

 

100 

 

 

100 

 

 

200 

 

 

330 

 

 Non-interest income

 

1,226 

 

 

1,279 

 

 

1,142 

 

 

1,184 

 

 

1,109 

 

 Gain from insurance proceeds

 

80 

 

 

 -

 

 

30 

 

 

 -

 

 

1,150 

 

 Gain on sale of investment securities

 

 -

 

 

 -

 

 

197 

 

 

203 

 

 

31 

 

 Gain on sale of SBA loans

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

39 

 

 (Gain) loss on sale / write-down of OREO and ORA

 

(1)

 

 

480 

 

 

160 

 

 

 

 

 -

 

 Due diligence & merger expense

 

51 

 

 

280 

 

 

1,498 

 

 

275 

 

 

188 

 

 Non-interest expense

 

6,695 

 

 

6,587 

 

 

5,046 

 

 

4,893 

 

 

5,230 

 

 Income before income taxes

 

3,468 

 

 

3,243 

 

 

82 

 

 

1,487 

 

 

2,036 

 

 Income tax expense

 

1,027 

 

 

930 

 

 

81 

 

 

378 

 

 

480 

 

 Net income

$

2,441 

 

$

2,313 

 

$

 

$

1,109 

 

$

1,556 

 

 Net income per common share, diluted

$

0.57 

 

$

0.55 

 

$

0.00 

 

$

0.39 

 

$

0.54 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Condensed Consolidated Statements of Financial Condition (Unaudited)

 

(Dollars in thousands)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Mar 31,

 

Dec 31,

 

Sept 30,

 

June 30,

 

Mar 31,

 



2017

 

2016

 

2016

 

2016

 

2016

 

 FINANCIAL POSITION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cash and cash equivalents

$

44,068 

 

$

22,103 

 

$

30,442 

 

$

20,146 

 

$

38,740 

 

 Investment securities

 

178,422 

 

 

182,206 

 

 

195,477 

 

 

223,140 

 

 

207,023 

 

 Loans held for sale

 

200 

 

 

 -

 

 

 -

 

 

 -

 

 

359 

 

 Loans and leases

 

816,363 

 

 

817,529 

 

 

509,475 

 

 

494,417 

 

 

489,366 

 

 Allowance for credit losses

 

(5,418)

 

 

(5,373)

 

 

(5,303)

 

 

(5,247)

 

 

(5,172)

 

 Net loans and leases

 

810,945 

 

 

812,156 

 

 

504,172 

 

 

489,170 

 

 

484,194 

 

 Premises and equipment, net

 

9,203 

 

 

9,243 

 

 

9,033 

 

 

8,557 

 

 

7,817 

 

 Goodwill

 

15,525 

 

 

15,590 

 

 

 -

 

 

 -

 

 

 -

 

 Other assets

 

31,576 

 

 

29,387 

 

 

31,148 

 

 

23,159 

 

 

23,307 

 

 Total assets

$

1,089,939 

 

$

1,070,685 

 

$

770,272 

 

$

764,172 

 

$

761,440 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Demand Deposits

$

176,199 

 

$

173,467 

 

$

146,731 

 

$

135,212 

 

$

131,951 

 

 NOW

 

218,133 

 

 

224,219 

 

 

169,400 

 

 

185,279 

 

 

201,566 

 

 Money market

 

221,356 

 

 

184,783 

 

 

160,312 

 

 

149,108 

 

 

138,241 

 

 Savings

 

84,700 

 

 

86,176 

 

 

73,867 

 

 

75,236 

 

 

75,535 

 

 Core deposits

 

700,388 

 

 

668,645 

 

 

550,310 

 

 

544,835 

 

 

547,293 

 

 Time deposits

 

177,335 

 

 

187,256 

 

 

71,920 

 

 

73,560 

 

 

71,264 

 

 Brokered deposits

 

28,045 

 

 

29,286 

 

 

23,313 

 

 

23,449 

 

 

18,498 

 

 Total deposits

 

905,768 

 

 

885,187 

 

 

645,543 

 

 

641,844 

 

 

637,055 

 

 FHLB advances

 

50,972 

 

 

55,332 

 

 

20,000 

 

 

20,000 

 

 

20,000 

 

 Repurchase agreements

 

11,474 

 

 

11,889 

 

 

19,483 

 

 

17,748 

 

 

21,661 

 

 Subordinated debt

 

9,750 

 

 

9,750 

 

 

9,750 

 

 

9,750 

 

 

9,750 

 

 Other borrowings

 

9,685 

 

 

9,697 

 

 

9,710 

 

 

9,721 

 

 

9,733 

 

 Other liabilities

 

5,002 

 

 

3,990 

 

 

6,569 

 

 

5,572 

 

 

5,061 

 

 Stockholders' equity

 

97,288 

 

 

94,840 

 

 

59,217 

 

 

59,537 

 

 

58,180 

 

 Total liabilities and stockholders' equity

$

1,089,939 

 

$

1,070,685 

 

$

770,272 

 

$

764,172 

 

$

761,440 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



8


 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DNB Financial Corporation

Condensed Consolidated Statements of Financial Condition - Quarterly Average Balances (Unaudited)

(Dollars in thousands)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Mar 31,

 

 

Dec 31,

 

 

Sept 30,

 

 

June 30,

 

 

Mar 31,

 



 

2017

 

 

2016

 

 

2016

 

 

2016

 

 

2016

 

 FINANCIAL POSITION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cash and cash equivalents

$

27,406 

 

$

37,239 

 

$

25,208 

 

$

36,113 

 

$

23,080 

 

 Investment securities

 

185,676 

 

 

192,359 

 

 

217,593 

 

 

213,235 

 

 

215,565 

 

 Loans held for sale

 

41 

 

 

137 

 

 

87 

 

 

147 

 

 

28 

 

 Loans and leases

 

815,028 

 

 

815,470 

 

 

498,627 

 

 

488,396 

 

 

483,125 

 

 Allowance for credit losses

 

(5,432)

 

 

(5,512)

 

 

(5,344)

 

 

(5,265)

 

 

(5,025)

 

 Net loans and leases

 

809,596 

 

 

809,958 

 

 

493,283 

 

 

483,131 

 

 

478,100 

 

 Premises and equipment, net

 

9,267 

 

 

9,218 

 

 

8,844 

 

 

8,332 

 

 

7,222 

 

 Goodwill

 

15,589 

 

 

15,590 

 

 

 -

 

 

 -

 

 

 -

 

 Other assets

 

24,046 

 

 

22,457 

 

 

19,829 

 

 

19,222 

 

 

19,678 

 

 Total assets

$

1,071,621 

 

$

1,086,958 

 

$

764,844 

 

$

760,180 

 

$

743,673 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Demand Deposits

$

172,984 

 

$

181,415 

 

$

137,437 

 

$

131,134 

 

$

120,391 

 

 NOW

 

218,357 

 

 

224,101 

 

 

176,704 

 

 

192,339 

 

 

193,548 

 

 Money market

 

197,615 

 

 

177,885 

 

 

156,412 

 

 

142,768 

 

 

137,121 

 

 Savings

 

85,348 

 

 

87,096 

 

 

74,652 

 

 

75,254 

 

 

74,653 

 

 Core deposits

 

674,304 

 

 

670,497 

 

 

545,205 

 

 

541,495 

 

 

525,713 

 

 Time deposits

 

180,819 

 

 

186,287 

 

 

72,324 

 

 

75,541 

 

 

70,927 

 

 Brokered deposits

 

28,326 

 

 

27,406 

 

 

23,307 

 

 

20,754 

 

 

18,491 

 

 Total deposits

 

883,449 

 

 

884,190 

 

 

640,836 

 

 

637,790 

 

 

615,131 

 

 FHLB advances

 

55,420 

 

 

64,846 

 

 

20,000 

 

 

20,003 

 

 

23,111 

 

 Repurchase agreements

 

12,858 

 

 

18,972 

 

 

18,381 

 

 

19,103 

 

 

23,040 

 

 Subordinated debt

 

9,750 

 

 

9,750 

 

 

9,750 

 

 

9,750 

 

 

9,750 

 

 Other borrowings

 

9,748 

 

 

9,799 

 

 

10,383 

 

 

9,728 

 

 

10,783 

 

 Other liabilities

 

4,070 

 

 

5,592 

 

 

5,367 

 

 

4,939 

 

 

4,818 

 

 Stockholders' equity

 

96,326 

 

 

93,809 

 

 

60,127 

 

 

58,867 

 

 

57,040 

 

 Total liabilities and stockholders' equity

$

1,071,621 

 

$

1,086,958 

 

$

764,844 

 

$

760,180 

 

$

743,673 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



9